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Mobile Home Challenged Credit Loans - Sellens Real Estate LendingSellens Real Estate Lending

Sellens Real Estate Lending

Mobile Home Challenged Credit Loans

challenged credit bought this homeThis is A Special Mobile Home Chattel Loan Program for Challenged Credit?

Lowest Loan Amount for Mobile Homes:  $25,000.00

Requirements include but are not limited to:

* Above 600 FICO Score
* Down payment 10% or greater
* Debt to Income Ratio 43% or less
* No Bankruptcy discharge in the last 4 years
* Foreclosure & Short Sales after 2 years
* No current delinquencies (open credit lines)
* Must be borrower’s primary residence
* Two year employment gaps greater than 30 days, letter of explanation required
* Loans must meet Qualified Mortgage requirements.
* All loans will include an origination fee. Broker/Lender fee is borrower paid.  Below is an example:

Home Cost  Example $50,000,

Down Payment is 10% or $5,000, plus 4% Loan origination Fee or $2,000, plus title and escrow costs, and establishing the impound account, if required.   For example, depending on the particular home and taxes, these closing costs could run another $1,000 to $2,400.  The appraisal fee is $400.00.  Beginning with the Down payment above, all the funds are brought in in cash.  Cash to close on the $50,000 home, with low credit score, could be about $10,000.00

Please contact us for additional information regarding this and other property type loan programs.

We will look at the lowest considered FICO score, between you and your wife, if you have a spouse.

In calculating the Debt to Income Ratio, we take all the monthly obligations, that show on your credit report, and add the payments to the new home payments. Your monthly payments $1700 divided by your Gross Income $5000, will be the the ratio.

For example you and your wife make a total of $5000 a month,
you have a car payment of $500, and a credit card bill of $200,
the new house payment is going to cost you $1000 a month.

So you are going to pay out $1700 a month, and you made $5000.
Your total payments would be 34% of what you make.

The bankruptcy and foreclosure waiting times are very favorable. Right now conventional loan requires seven years after a foreclosure, before you can obtain more financing.

For FHA the bankruptcy weight is two years, and three years for foreclosure. In some situations the short sale weight is only three years.

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